Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct 5 Sales Oct 26 Purchase Totals Unita Acquired at Cost 235 units $11.40 $ 2,679 Unite sold at Recall 170 unite & $41.40 360 units $16.40- 5,904 290 units 8 $41.40 435 units $21.40 - 9,309 410 units $41.40 135 units 1,165 units $26.40- 3,564 $21,456 870 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory Unit Cost Units Ending Inventory Cost Jan 1 Beginning Inventory 235 Mar 14 Purchase 360 July 30 Purchase 435 Oct. 26 Purchase 135 1,165 b) Gross Margin using Specific Identification Less: Equals